Pfizer completes sale of 4 products deal to Piramal Enterprises

Pfizer on Monday announced that it has completed its transaction deal for the sale of four products to Piramal Enterprises.

American global pharma company Pfizer in May this year had entered into an agreement with domestic pharmaceutical firm Piramal Enterprises for the sale of its four products namely- Neko Soap, Sloans, Ferradol and Waterbury's Compound- for Rs 110 crore. 

"This is further to our letter dated May 13, 2016, wherein we had informed you that the company has entered into an agreement with Piramal Enterprises Ltd for sale of its four products that is Neko Soap, Sloans, Ferradol and Waterbury's Compound for a total consideration of Rs 110 crore, subject to adjustments for inventory on closing and transaction costs," Pfizer said in a filing to the National Stock Exchange (NSE).

"...We wish to inform you that post completion of requisite formalities and receipt of necessary regulatory approvals for the transaction, the company has concluded the transaction. Accordingly, the aforementioned products stand transferred to Piramal Enterprises Ltd effective today," it further said in a statement.

The stock of Pfizer closed down 1.65% or Rs 32.40 at Rs 1,931.95 on the NSE on Monday.